Coventry Apartments

4825 Kentfield Road Stockton, CA 95207

4825 Kentfield Road, Stockton, CA, 95207
4825 Kentfield Road, Stockton, CA, 95207
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$4,650,000
Last Verified:
Jan 21, 2021

Highlights

  • Qualifies for Ad Valorem property tax exemption and tax abatement
  • Allows for one (1) annual rent increase
  • Rents well below the allowable charges per the HOME calculations
  • First rent increase since renovated in 2015!
  • Regulatory Agreement allows for annual rent increases
  • Fully renovated community
  • Newer roof, dual pane windows, parking lot, secured entry, updated plumbing, electrical, counters, flooring, landscaping
  • Ideal amenities for families such as a swimming pool plus play structure
  • Centrally located near major anchored commercial amenities, Delta Jr. College, and University of Pacific

Description

'Shutdown Resilient' investment opportunity with mostly guaranteed income from Section 8 vouchers, SSI, and other renter subsidies. Full Rent collection for January 2021.

Coventry Apartments is a courtyard style, gated community which features spacious floor plans, balconies/patios, dual pane windows, a swimming pool, 3 central water heaters, laundry facility, plus a large gated carport and surface parking lot.

Coventry Apartments gated community feature 16 one-bedroom units and 30 two-bedroom units equipped with 24 hour surveillance cameras ,air conditioning, swimming pool, laundry facilities, children’s playground area, and WiFi connectivity. Coventry Apartments are located near RTD bus stops for easy transport services throughout the city of Stockton.

Coventry is a rent-restricted community under a Regulatory Agreement through the City of Stockton Economic Development Department. Nine (9) of the units are reserved for residents with Adjusted Gross Income (AGI) which does not exceed thirty (30%) of the Area Median Income (AMI) and thirty-six (36) of the units are reserved for households not exceeding 50% AMI. *This type of rent structure allows for exemption from taxation including Ad Valorem property taxes making this a very stable investment*

In 2020, the ownership implemented the first rental increase since it's renovation in 2015 plus the rents charged are well below the allowable rents per the HOME calculation chart of median income. The property is truly operated as a non-profit however a new ownership has the opportunity to increase rents annually (per Reg. Agreement) and charge the allowable HOME chart rates on available units to operate as a 'For Profit' investment and keeping the non-profit status.

Coventry Apartments is located walking distance to Weberstown Mall which features nationally anchored and credit rated tenants such as Dick's Sporting Goods, Homegoods, Panera, Chipotle, and many more. The subject property is also in close proximity to UOP (University of the Pacific) and San Joaquin Delta Jr. College. Furthermore, many of the surrounding properties have been or are undergoing renovation.


Year Built: 1964
Building Size: 36880sq ft
Lot Size: 1.66 acres

Map of 4825 Kentfield Road, Stockton, CA, 95207

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